Emoov administrator realises just £465k to return to creditors

first_imgA final picture of the Emoov’s financial position has been revealed by its administrator James Cowper Kreston which after two months of work has realised £465,777 to distribute to the company’s creditors.The administrator’s report reveals that in total the company owed £15.6 million to its creditors including £645,000 to Google, £351,000 to HMRC, £750,000 to a Korean investment fund, £2.5 million to Northern & Shell, £12,564 to Rightmove, £37,600 to Viewber and £3,384 to Metropix.Some 135 people and companies owned shares in Emoov Ltd including Channel 4 Ventures, Tepilo founder Sarah Beeny, Urban.co.uk founder Adam Male and TV’s Dragons’ Den star James Caan.Active customersEmoov also had 2,400 active customers when it went bust, most of whom had paid in advance to use Emoov.Final details of the key asset sale completed by James Cowper Kreston include £45,000 for its database sold to estate agency Pattinson, £35,000 paid by the founders of Urban to buy back their website, and £232,500 for the Emoov name, website and technology platform. This has been bought by Mashroom Ltd.The analysis of Emoov’s financial records by the administrators reveal a shocking picture of escalating losses. During the financial year ending April 2018 it made a loss of £10.5 million but lost a further £15 million during the next five months until going bust in early December.The documents also reveal that in late November Emoov had found an unnamed ‘white knight’ investor prepared to help keep it trading but who withdrew after examining the firm’s accounts. February 26, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Emoov administrator realises just £465k to return to creditors previous nextAgencies & PeopleEmoov administrator realises just £465k to return to creditorsJames Cowper Kreston reveals creditors owed £15.6 million and details of mounting losses at firm towards end.Nigel Lewis26th February 201903,099 Viewslast_img

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